Local governments to borrow $368 million to pay for state pension costs

12:29 AM,
Feb. 15, 2013

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Local governments are borrowing $368 million to pay for pension costs this year, an 81 percent increase from 2012, state records show.

The state's largest county governments, including Westchester and Monroe counties, have entered the amortization program offered by the state Comptroller's Office, as have many libraries, cities and towns.

In all, 137 public employers are borrowing through the pension fund this year to pay for the annual expense, up from 50 that did so two years ago. Last year, 133 local governments borrowed about $203 million to pay for pension costs. ...